Rental Property Management News – Propertyware

Highlights from the First-Ever PM Nation Event

Jake Belding — Tue, 21 Dec 2021 23:46:06 +0000

On November 15 and 16, the property management community came together to share their expertise and explore how technology can solve some of the most pressing challenges facing individual businesses and the entire industry in Buildium’s first-ever PM Nation user conference. More than 350 attendees—including property managers, investors, HOA leaders, and sponsors from 46 states and internationally—converged in Boston to network face-to-face, get filled in on the latest industry research, and sharpen their strategies for succeeding in 2022. From investment opportunities and top renter priorities to Buildium and Propertyware’s latest product roadmaps, we covered a lot. And we wouldn’t want you to miss out on any of it. That’s why—in case you weren’t able to join us in person—we’ve put together some of the biggest takeaways from the event:

Today’s Challenges and Opportunities

Mike Mauseth, Senior Vice President of RealPage presents the findings from the 2022 Property Management Industry Report on Day 1 of PM Nation. (Photo credit: Austin Wilder, South End Digital) Mike’s outlook for the industry was both clear and optimistic, a sentiment shared by those gathered in the room and the wider community of property managers we surveyed. He revealed that 86% of respondents are forecasting revenue growth in 2022 and 73% plan to grow their portfolios, the highest percentage we’ve seen since 2017. Much of that growth will come from residential rentals, an area that investors see tremendous potential in. The keynote laid the groundwork for how smaller investors can compete with larger companies zeroing in on the residential market, sharing how personalized service, a hallmark of property management businesses, can give them an advantage. On that same note, Mike shared feedback from owners and renters on what they value most from property managers. Owners are increasingly looking to PMs for their expertise on local market conditions, regulatory changes, and investing advice. The technology they’re most often looking for is digital payment options, followed by lease signing tech and maintenance request and tracking capabilities. Residents have similar priorities. They now expect more digital-first interactions throughout their rental experience. The data reveal that, in many cases, PMs aren’t delivering these digital interactions to the degree that residents want. In fact, if residents had their way, the use of electronic payments would jump 23 percentage points higher than where they currently stand. All this led up to Mike’s biggest takeaway: changing habits and resident expectations, largely influenced by the pandemic, have made technology an essential part of the renting experience. In light of the pandemic, new technologies are now central to doing business. They’re helping property management companies of all sizes play to their strengths and exceed both residents’ and property owners’ expectations. “First you start off and you’re building your accounts. 25, 50 accounts. Then you realize you need help and you have to hire people and institute software and systems to do it. It takes a lot… [Technology] has been a big part of our growth being able to leverage and build the company up. It’s a great partnership.” – Jason Born, Born Property Management

The PM Nation Experience

And that’s what attendees pointed to as a defining benefit of coming to PM Nation. For many, it was a first-of-its-kind experience, one that combined the breadth of possibility that technology can bring to the industry with a deeper look at the personalized service and distinct value each property management offers; that special “X factor” that defines successful relationships with customers. We weren’t alone in championing the benefits of that combination. A dozen partners joined us at PM Nation, each with their own approach to improving the nuts and bolts of property management through technology. Attendees explore partner solutions and get their questions answered at the Discovery Lounge. (Photo credit: Austin Wilder, South End Digital) The Discovery Lounge quickly became a hub of activity at the event, serving as a space for attendees to have one-on-one conversations with partners, share their specific challenges, and build plans to help them integrate the right technology in the right way for their business. “[Our software] helps us look back and understand how and why we got here. Whether it be a first-time investor or a seasoned management company, it is the tools that will help build a young business and it’s the tools that will help a mature business perfect itself. [The technology] is invaluable.” -Aram Gosdanian, Abbeyhill Realty and Management At PM Labs, attendees were also able to speak directly with product experts from Propertyware and Buildium who helped them learn how to get the most out of new, relevant features and strengthen their skills with the tools they use every day. “The biggest and best improvement we made was using the e-lease feature…..When we we’re doing leases in Word, it probably took 20-30 minutes to get a lease done. Now, we can approve an applicant, start an e-lease, and email the e-lease out in 5 minutes. It’s such a time saver.” -Jeannie Connors, Realty Solutions NJ Breakout sessions during the first day served as an opportunity to dig into the details of some of those features. Speakers from Buildium, Propertyware, and third-party partners shared their experience on how to make the most of new processes, service offerings, and tech in every part of a business, from accounting efficiency to communicating with residents. Barbara Kaplan, Industry Principal, RealPage, David Do, Propertyware Consultant, APM Help, and Paul Rozelle, Senior Vice President, GOAL Property Services talk accounting efficiency during a Day 1 breakout session (Photo credit: Austin Wilder, South End Digital) Customers like Logical Property Management’s Drew Sygit and PRANDI Property Management’s Shirley Lopez-Cano joined in on the discussion to reveal how they put these features into practice to not only work more effectively, but also market new capabilities as a competitive advantage that attracts prospective clients. Attendees gather to learn about the latest Buildium and Propertyware partner solutions (Photo credit: Austin Wilder, South End Digital) The resident experience was another big focus during many discussions. Partners like Tenant Turner spoke to packed rooms about the opportunities for digital experiences that surfaced during the pandemic and how to cut through the noise to find technologies that truly matter to residents. Presenters highlighted solutions like automated lockboxes, maintenance and viewing scheduling, and tools that cut down on response times. All these conveniences simplify the everyday aspects of finding and renting properties, which, in the eyes of renters, ultimately adds value.

Looking Ahead

PM Nation wasn’t just about what works now. Attendees also got insight into how to prepare their businesses for 2022 and beyond. Attendees take their seats ahead of futurist Crystal Washington’s, Day 2 keynote (Photo credit: Austin Wilder, South End Digital) In her Day 2 keynote, futurist Crystal Washington, CSP, used the context of our always online, hyper-connected lifestyles to share advice for delivering distinctive experiences for customers. She walked attendees through how to focus on changing customer needs, find gaps where expectations outpace existing services, and then seize those opportunities so that they’re the first companies to offer what customers truly want. Her strategies set the stage for sessions on Propertyware and Buildium’s product roadmaps, where a variety of new features were announced to help property managers make the most of the digital-first interactions both residents and homeowners have come to expect. PM Nation was a first-of-its kind experience, but it won’t be the last. Stay tuned in 2022 for details on what’s coming up next. The event may be over, but it’s not too late to get the insight you need to be successful in the new year. Check out the 2022 Property Management Industry Report, featuring the voices and preferences from thousands of property managers, renters, and rental owners. Our partner on the Industry Report, NARPM, will also be hosting their annual convention and trade show on October 17-20 2022, where they’ll take a closer look at the major trends affecting property management. The response from this year’s attendees and sponsors showed that PM Nation is more than just a conference, it’s a community. By connecting and sharing experiences we are able to learn from each other, lift each other up through challenging times, and elevate the way business is done. We hope you join us at future events as we build the future of property management, together.

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On the Road Again: Propertyware Spring Events

Ashley Chimal — Thu, 29 Mar 2018 18:00:40 +0000

Propertyware is saying hello to Spring! This season, the team will be attending the following conferences and hosting the roadshows below:

NARPM Broker/Owner Conference & Expo

Monday, April 9 -11 Las Vegas, NV NARPM Broker/Owner is a prestigious event for select industry leaders in residential property management—designated brokers, company owners, regional managers and major decision makers. Find out more and schedule an appointment here.

IMN Single Family Rental Investment Forum (East)

Monday, May 21-23 Miami Beach, FL IM Single Family Rental Investment Conference will bring together key market participants. Learn more here. Planning to attend? Schedule an appointment with a Propertyware pro here.

CALNARPM

Wednesday, May 23-25 Palm Springs, CA Learn from the top minds in the industry and beyond! CALNARPM will be an energy-packed event that will help you be successful in property management. Register here and schedule an appointment.

Propertyware Roadshows

Join us for in-depth discussions, local market insights, networking and peer collaboration at Dave & Busters at a city near you! In order to secure your spot, make sure to register to RSVP: Texas Thursday, April 19 Dallas, TX Maryland Tuesday, April 24 DC Metro Area – Silver Spring, MD North Carolina Wednesday, May 16 Raleigh Metro Area – Cary, NC New York Thursday, May 17 New York, NY For more details and to peek at the summer schedule, check out the Propertyware events page and roadshows to learn more.

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On the Road Again: Propertyware Winter Events

Ashley Chimal — Thu, 01 Feb 2018 21:33:50 +0000

Wondering what’s new and what’s next with Propertyware? Mark your calendar to meet up with industry leaders and take your business to the next level—and blaze a few trails of your own. This winter, the Propertyware team will be attending the following conferences and hosting the roadshows below:

NARPM Texas

Thursday, February 7-9 Austin, TX NARPM members from around the Lone Star State will gather in Austin, TX for an annual meeting to discuss legislative and legal updates affecting the industry, two days of meetings offering educational CECs for certification and networking. Learn more and register here.

NARPM North Carolina Property Management Conference

Friday, February 16 Raleigh, NC Hosted once a year in Cary, NARPM North Carolina chapters will host a full day conference. Top-notch speakers and industry experts will cover topics that range from growing your business to landlord/tenant issues. Register here.

NARPM Virginia State

Monday, February 26 – 27 Richmond, VA The 5th annual Virginia State NARPM Conference will bring real estate professionals, property managers, brokers and leasing agents together. Special speakers include John G. “Chip” Dicks and Lisa Sturtevant, PhD. Learn more here.

Propertyware Roadshows

We’re making our way to a city near you! Join us for in-depth discussions, local market insights, networking and peer collaboration at Dave & Busters. There is no cost to attend a Propertyware Roadshow. You only need to register to RSVP: Southern California Tuesday, February 20 Arcadia, CA Northern California Wednesday, February 21 Daly City, CA Texas Thursday, March 15 San Antonio, TX You should always strive to attend industry events if you want to grow your property management business. For more details and to peek at the spring schedule, check out the Propertyware events page and roadshows to learn more.

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Profitable Rental Property Management: It’s About the Software

pwadmin — Thu, 19 Oct 2017 01:14:39 +0000

Not long ago—probably within just the past five years—the business of managing single family rental properties reached a critical tipping point. Until then, being a great manager had to do with experience, intuition, market knowledge, attention to detail, people skills and financial savvy. And while all these are still crucial, one element of success has steadily risen to the point where it now commands the top spot: the software you choose to run your business. Why? Because no amount of industriousness and professionalism can match the near-miraculous things today’s software brings to many of the practices and processes at the center of managing properties. From marketing and leasing, to resident management and financial transactions, to inspections, maintenance and beyond. Today, it takes a combination of human skills and superb software to stay on top of your game and gain an edge over those competing for new business.

More leads, more leases

Over 75% of renters begin their search for a home online. This means you need a systematic way to ensure your properties appear on as many websites, listing services and search engines as possible, with accurate and up-to-date information. Today’s software automates the entire process for you, automatically posting ads to the top Internet Listing Services, Craigslist, Facebook and other important marketing venues. This helps renters find you first and access accurate information about pricing and availability.

Websites that work harder

At the core of your marketing is your website, and a “DIY” approach won’t cut it any longer. Today, experienced designers can help you add the calls-to-action, design elements and offers that are field-proven to convert better. Search Engine Optimization (SEO) and Pay-Per-Click (PPC) experts can aid in in getting more prospects to your site and filling your vacancies faster.

Making every lead count

Every prospect should be automatically fed into your lead stream, then followed from lead to lease—so nobody falls through the cracks. New software also lets you easily determine the return-on-investment of your marketing campaigns, so you can re-allocate resources to the most cost-effective activities.

Reducing risk through superior screening

Most managers have recognized the huge advantage of online applicant screening services and chosen one or another. But they’re not all created equal. Propertyware screening, for example, taps into the largest online criminal and sex offender databases available. And it taps into the only national rental payment history record, the best indicator of whether someone will pay their rent or not. A single report combines credit, criminal, eviction, income and rental payment history. You can easily customize approval criteria to your standards.

Management made easy

Good software streamlines and automates tasks that occupy a large part of your staff’s day right now—saving them precious hours they can devote towards more productive activities, like leasing and customer service. Tenant and owner self-service features not only provide convenience, but save your people even more time.

The power of portals

Solutions that include a tenant portal let your tenants pay rent, submit service requests and communicate with your staff online—not only more convenient for them, but for your people as well. Built-in letters, templates, notices and alerts make communication easy. And dedicated owner portals allow them to view owner statements and reports, as well as make deposits and payments online.

Accounting, your way

For accounting, it pays to use software that was designed from the ground up for rental property management rather than a broad accounting solution. It should support fee management rules, cash/accrual accounting and other unique aspects of the business, while providing a clear audit trail, real-time data and detailed records for compliance.

Mobile inspections

Inspections take place at your properties, not at your office. That’s why you need a mobile inspection app that puts everything your people need at their fingertips, on their mobile devices. Mobile apps sync with the desktop software, so everything is updated and available in one place: checklists, documentation, reports, photos and more.

Reports: the measure of your success

In addition to standard reports, you should be able to easily generate custom reports with the real-time information you need for effective and profitable decision-making. Owners should be able to get the information they need, too—without placing a burden on management staff to pull it together. The reporting module should be able to extract information from every important aspect of your business: vacancies, collections, maintenance, marketing and beyond. Make sure you can specify exactly what data you want to see, presented the way you want it. These reports will help you ensure you’re running a tight ship, and alert you to areas that need attention.

The vitals, at a glance

The best software features customizable dashboards that let managers and owners view the data most important to them in an easy-to-read graphic format. The information most critical to their responsibilities and concerns should be conveniently arranged on one screen. And it should be easy to drill down for more detail.

The Cloud advantage

Cloud-based rental property management software features lower cost-of-ownership, since the software is hosted and maintained for you. It provides anytime, anywhere access, and should include a fully mobile version with features such as mobile leasing and mobile inspections for your people on the go. We’ve listed some of the most important features to look for in the software you use to manage your properties. If you’re not reaping their benefits, be sure to talk to your Propertyware representative about addressing these areas of your business. Good managers will always be of critical importance in managing single family properties. But today, good software is just as crucial.

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Rental Property Management in the Olympics?

Marc Eiting — Thu, 25 Aug 2016 15:00:00 +0000

If you’re aiming to be on the Olympic team of property managers, you need a coach to help drive your business to new heights. Rental property management software can help lead you to property management gold with the training and tools that will help you measure and assess your performance along the way. Are you competing in the property management Olympics?

Practice Property Management the Right Way

The way you practice a skill is just as important as how often you practice it. According to PopSugar, Olympic swimmer Natalie Coughlin spends 30 hours a week working out, so she “knows a thing or two about consistency, as she’s been competing (and winning) for about two decades.” She follows a similar schedule six days a week to maximize her training. If you find that you’re encountering the same challenges over and over again, rental property management software can help you resolve concerns more quickly.

For example, if your website and software help you with the initial stages of tenant screening, you’ll be better equipped to find the best tenants for your properties.

Employ the right systems and see your work move more efficiently.

Accomplish Tasks More Quickly

In property management, timing is everything. You need to make sure repairs and maintenance occur promptly and on schedule. You also need to keep your vendors and contractors happy by paying their bills on time. Use property management software to keep your repair requests, bill payments, and document filing on track.

Synchronize Your Data

Just like two divers jumping in unison, synchronization is key to excellent property management. When you work off spreadsheets and word processing documents, your information isn’t integrated. That means you can make a mistake by forgetting to move information from one place to another or by inadvertently deleting information. With accounting software that synchronizes with Quickbooks and with the rest of your property management data, you’ll be able to better analyze the financial performance of your company.

Communicate Like a Team Player

According to the Australian Institute of Business,

“regular internal communication can also lead to an improved work ethic if staff are reminded of achievements and feel that they are working towards a common goal.”

With property management software, you can bring together all of the members of your team in one virtual space. File documents, access tenant information, and log repair requests in a single setting. You can also bring together calls and communications from your owners and tenants using call tracking and owner and tenant portals. These communication spaces allow you to interact easily with your colleagues and those who rely on your property management business, and they also help you track communications more effectively.

Look for Exceptional Training and Coaching

When you’re looking for new property management tools, look for property management software that comes with training and coaching to help you use those tools more effectively. Propertyware provides users with access to on-demand training videos and one-on-one training to meet their unique needs. Instead of learning through trial, error, and frustration, get access to the resources you need to best utilize your property management software. If you’re aiming for both accuracy and speed, Propertyware’s rental property management software is in your corner. Watch a demo to see how our software can help you get the results you want from your property management business today.

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Property Managers Do Much More Than Manage Properties

Marc Eiting — Fri, 08 Jul 2016 10:00:00 +0000

As a property manager, you have responsibilities that are more varied than you thought possible when you started your career. Along with keeping properties running smoothly, you manage relationships with tenants and owners, and balance a myriad of day to day tasks. A career in property management requires a wide range of skills and behaviors, and here are some important ones to consider.

Property Managers Maintain a High-Level View of the Organization

According to the Institute of Real Estate Management, one of the top skills property managers must develop is the ability to “enforce, maintain, establish, and review property’s operating policies and procedures.” This high-level thinking will help your property management business succeed in the future. For example, if you notice through reporting that you’re experiencing a lot of unexpected repairs, you can change the way you inspect properties or the frequency of scheduled maintenance.

Stress-Free Property Management Begins with Effective Rules

Managers are also tasked with the human element of the job: working with owners and tenants. With clear communication processes, they need to articulate the property’s rules, deadlines for rent payments, and other important details. They’re also responsible for following up with owners or tenants if something goes wrong with the property. Great property managers are emotionally intelligent, ethical, and can resolve conflicts to maintain healthy relationships between tenants, owners, and the property management business.

Developing Employees Is An Important Function

Senior property managers are responsible for finding, training, developing, and managing employees. As they develop their skills, they coach new employees on everything from time management to customer service. Property management software helps you facilitate employee development by providing new staff with tools that help them manage their time effectively. For example, they can organize their contacts and integrate that information with accounting to easily connect with contractors and follow up on invoices.

Keep Tabs on Accounting With Rental Property Software

Property managers are also responsible for making sure the company meets its budget goals. Managers need to keep tabs on tenants who have unpaid rent and on the expenses incurred by each individual property. Innovative rental property software can be used for documentation and tracking of cash flow. The system also allows you to create helpful reports and determine patterns and trends to consider when making business decisions. According to Manage My Property, a property manager must weigh the financial impact of management choices, including those related to rental rates. In order to make informed decisions, the property manager will need to “gather data on rental rates in the area and work with owners to determine the optimal rental rate.” Even seemingly minor considerations can have a profound impact on the business, including decisions about investing in home improvements or opening the property to people with pets.

Property managers need a diverse set of skills and a strong understanding of property management. Successful managers also need rental property software that backs up their business development. With Propertyware, you’ll find an integrated suite of property management tools that are there to support your business. Sign up for a free tour today.

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5 Skills That All Property Managers Need

Marc Eiting — Wed, 15 Jun 2016 10:00:00 +0000

The best residential property managers know how to apply a broad skill set to the unique situations they encounter on the job. They move with ease into situations that require strong communication, negotiation, customer service, and organizational skills. Property managers also have the ability to manage more tangible property-related concerns, such as maintenance and repair issues. Here are five essential property manager skills that all property managers must develop as a part of their job description in order to excel in the field:

1. A Property Management Company Needs Strong Communication

According to Entrepreneur Magazine, “learning how to effectively communicate with others while choosing the right words can literally make or break your growth in the marketplace.” Property managers will be in regular communication with, renters, property owners, real estate agents, maintenance contractors, and others. While your properties are an important part of your rental property management company’s portfolio, your success in property management relies greatly on maintaining a high rental rate by attracting new tenants and retaining existing tenants. So it’s the way in which you interact that will seal the deal for tenants. Respect means that you communicate clearly, you’re easy to access, and when you’re not available, you have processes in place that allow tenants to connect with your property management company. An online tenant portal that allows tenants to self-manage by asking questions, find information, and pay rent online at a time that is convenient for them is a communication investment that will pay off. Keeping the lines of communication open is a great skill to have and a way for a manager to build and maintain good relationships with tenants. [Read More: How To Start A Property Management Company] Property managers need to have strong customer service skills backed up by effective property management systems.

2. Property Managers Must Exemplify Responsive Customer Service

For tenants, excellent customer service and exceptional communication skills go hand in hand. When tenants communicate a question to a manager, they want an answer as soon as possible. Property managers must have a way of managing tenant queries and concerns for problem-solving. A tenant portal makes these questions and concerns visible to tenants. A good property manager must act. For example, if a tenant contacts the apartment manager about a possible leak in the roof of their condominium, you need to take responsibility for this complaint and treat this issue as the emergency it is and respond in a timely manner. To do this, you need a list of pre-approved contractors at the ready and a schedule that shows when your employees and those contractors are available to inspect and manage the customer’s problem.

3. Managers Need to be Exceptionally Organized

Property management is extremely detail-oriented and requires a high level of organization. For example, that leaky roof might have been avoided if your property management company conducted an annual evaluation of large maintenance concerns, such as the integrity of the roof and the safety of stairs and railings. According to Inc.com, exceptional leaders are skilled in looking for patterns to improve the company’s processes: “they are constantly scanning themselves, other people, and processes to identify patterns and changes in the patterns.” To avoid the leaky roof, you could identify the need for a stronger management process including an ongoing maintenance schedule that involves not only yard maintenance but checking appliances, plumbing, and other common problem areas in the home. Help your managers put these systems in place with rental management software that can be used in the development of a maintenance schedule and ongoing tracking of maintenance and repairs. [Learn More: How Tenant Portals Make Online Rental Payments Easy]

4. Managers Need to Know the Basics of Marketing

Most property managers are skilled in property maintenance and related tasks, but not everyone has extensive marketing experience. Marketing is also one of the responsibilities of a great property manager. Do you find it challenging to write about your properties, add that information to listing services and your website, and develop the site itself so that the listings speak to certain desired groups of tenants? Writing a great property description requires knowledge about the amenities of the property and surrounding area, as well as an understanding of how those amenities will attract a specific group of tenants. Digital property marketing assistance can help you develop a website and list your properties for rent even if you don’t have a lot of skill or experience with web listings.

5. A Property Management Company Needs to Have Hands-On Skills

Property managers need to have a diverse range of skills, and they must understand properties as well as people. Some property managers come from a background in customer service, while others come from a background in building maintenance. Each manager should have an understanding of how buildings work so thorough and well-documented inspections can be conducted. Managers also need to understand the typical problems of rental properties so that they can respond appropriately and rank maintenance issues according to their urgency. [Additional Resource: Residential Property Manager Job Description Template] As a property management company, you need to support skills development in your property managers. Use exceptional rental management software from Propertyware to bring your business to the next level. Sign up for a free tour today.

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